FRISCO, TX—Westwood Financial Corp. (WFC) has acquired Legacy Ranch, a 95,000-square-foot neighborhood shopping center located at 4851 Legacy Drive in Frisco. The acquisition becomes the 25th property in WFC's Texas portfolio.

The property was acquired from Folsom Cos. Further details of the transaction were not disclosed; reps for WFC did not meet a request for additional comments by press time.

Legacy Ranch is located a half mile from four major developments along the stretch of road now designated as the “$5 Billion Mile” on Dallas North Tollway between Warren Parkway North and Lebanon Road. These major developments include the 91-acre Dallas Cowboys' new world corporate headquarters and multi-use event center; the 242-acre mixed-use Frisco Station; The Gate, a $700 million mixed-use development; and the 175-acre mixed-use Wade Park.

“The city of Frisco is experiencing explosive economic growth and an increasing demand for retail,” said Joe Dykstra, executive vice president of WFC, in a release. “As a core-plus property, we acquired Legacy Ranch with a long-term hold strategy in mind. We feel there is an upside in the rents given that the center is uniquely positioned to capitalize on the influx of new traffic from the series of high-profile developments just blocks away from the center.”

Built in 2004, Legacy Ranch serves the surrounding neighborhood of Frisco, a high-growth submarket of Dallas. Anchored by Kroger, additional tenants at the center include Wells Fargo, Allstate, Edward Jones and Supercuts.

Tom Salanty, executive director at Cushman & Wakefield of Texas, represented WFC in the transaction.

Nationally, WFC owns and operates more than 115 shopping centers and retail properties.